facebook
twitter
rss
account
search
search
Headlines

UPI NewsTrack Business

Markets close mixed ... Response to $6B bank losses expected soon ... CEO: Chrysler on a roll, can't stop now ... Former Nortel executives acquitted ... News from United Press International.

Former Nortel executives acquitted

OTTAWA, Jan. 14 (UPI) -- A judge in Canada found three former Nortel Networks executives innocent Monday in a case of alleged accounting fraud.

Mounties charge 3 former Nortel execs

TORONTO, June 19 (UPI) -- Three former top executives of Canada's Nortel Networks Corp., were charged near Toronto Thursday by the Royal Canadian Mounted Police with fraud.

Nortel to pay $1M to Canadian regulators

TORONTO, May 22 (UPI) -- Nortel Networks Corp. agreed to pay $1 million to settle the Ontario Securities Commission's probe of its accounting-fraud charges, the regulator said Tuesday.

Nortel reaches tentative deal on charges

TORONTO, May 16 (UPI) -- Nortel Networks Corp. has reached a tentative settlement with the Ontario Securities Commission over accounting-fraud charges, the regulator said Wednesday.

Ex-Nortel CEO charged by SEC with fraud

NEW YORK, March 12 (UPI) -- U.S. securities regulators Monday charged Nortel Networks' former Chief Executive Frank Dunn with cheating investors out of billions of dollars.

Nortel settling class-action suits

TORONTO, Feb. 8 (UPI) -- Toronto-based Nortel Networks Corp. said Wednesday it will incur a charge to earnings of $2.47 billion to settle two class-action lawsuits.

Nortel sues to recover bonus money

TORONTO, Feb. 3 (UPI) -- Nortel Networks, seeking to get back about $13 million of bonuses from three former executives, has sued them saying they breached their fiduciary duty.

Former Nortel execs triggered bonuses

TORONTO, D.C., Jan. 12 (UPI) -- Former Nortel executives allegedly used inappropriate accounting methods to trigger large bonuses for management, the Financial Times reported Wednesday.

Nortel subpoenaed by U.S. jury

BRAMPTON, Ontario, May 14 (UPI) -- A U.S. grand jury Friday subpoenaed the records of Canada's Nortel Networks, which is under criminal investigation.

Nortel employees get another shock

BRAMPTON, Ontario, April 29 (UPI) -- Employee morale took another blow as Canadian telecommunications equipment firm Nortel Networks Corp. fired top executives, the Globe and Mail reports.

Executive Business Briefing

Here is a look at more of Friday's top business stories.

Executive Business Briefing

Here is a look at more of Tuesday's top business stories:

Executive Business Briefing

Here is a look at more of Tuesday's top business stories:

Nortel expects $3.6B loss, 20,000 cuts

BRAMPTON, Ontario, Oct. 3 (UPI) -- Nortel Networks, the Canadian network equipment giant, announced late Tuesday that it expects to report a third quarter net loss of $3.6 billion and will slash 20,000 jobs.
Wiki

Frank A. Dunn is a Canadian business executive who was the Chief Executive Officer of Nortel Networks. In 2007, the U.S. Securities and Exchange Commission filed civil fraud charges against him, and three former senior executives, in a wide-ranging financial fraud scheme.

Dunn joined Nortel Networks (when it was still known as Northern Electric) as a management trainee in 1976, after graduating from McGill University. He was appointed CFO in 1999 under CEO John Roth. After Roth retired, Dunn became the CEO in November, 2001 until he was fired for cause, along with several financial executives in April, 2004. Throughout his career, Dunn was known as a blustery and antagonistic individual with basic accounting skills but no finance skills whatsoever. He was known for his willingness to "Stuff the Channel" at quarter end to enhance revenues. The fact that such a corporate finance neophyte could become CFO is emblematic of the lack of interest and attention that Nortel's sales driven management, under John Roth, paid to the company's financial underpinnings. The fact that he succeeded Roth as CEO shows that the Nortel Board shared this indifference. Indeed, Frank Dunn's entire career can be considered the very embodiment of The Peter Principle. When Dunn was named CFO, an incredulous New York investment banker exclaimed: "Frank Dunn? CFO? The man doesn't know the difference between a bond and a bagel." When he was named CEO, it was clear that the company was out of control and might not long survive without drastic measures.

Frank Dunn is under investigation by the U.S. Securities and Exchange Commission, as well as by the Ontario Securities Commission in Canada, and is charged for reporting faulty annual results since 2000. He is also named in several class action suits initiated by disgruntled shareholders. Construction was stopped on the multi-million dollar home that Dunn was building on prime lakefront property in Oakville, Ontario, and it was listed for sale shortly after his dismissal from Nortel. The incomplete residence was sold in 2005 for $8,888,000.00.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Frank Dunn."
Most Popular
1
Florida pageant mom fed daughter tapeworms to make her lose weight
2
Source: Ferguson cop beaten before shooting
3
Robert Hansen, notorious Alaska serial killer, dead at 75
4
Boko Haram overruns Nigerian police academy
5
South Carolina woman allegedly beats 64-year-old man for farting in her face
x
Feedback